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Make your money work for you: 3 ways to grow your savings

15 May 2024
Make your money work for you: 3 ways to grow your savings
Make your money work for you: 3 ways to grow your savings

In an era marked by economic uncertainty and ever-changing financial landscapes, the importance of saving money has become increasingly evident. Yet, it’s also becoming increasingly difficult to do so with the rise of one-click shopping and, in general, the culture of instant gratification. Whether striving to build an emergency fund, save for retirement, or pursue long-term financial goals, individuals are seeking effective strategies to grow their savings. 

However, navigating the options available can be daunting. Saving isn’t just a matter of keeping money in the bank anymore. These days, it will take a little bit of savvy to reap the benefits of putting your hard-earned money aside. Here are some tips to get you started on your journey towards financial growth.

  1. Budgeting and Expense Tracking: You don’t need to be a spreadsheet expert to start organizing your budget. Simply having a visual of how much money you have and how much you’re spending is already half the battle—certainly much better than going on hunches and vibes. This will help you understand your income and expenses, and allow you to allocate a portion of your income towards savings regularly. Moreover, by tracking expenses and identifying areas where they can cut back (hello, daily dose of oat milk latte), you can increase the amount they save each month.

  2. Automated Savings: Setting up automated transfers from your payroll or checking account to a separate savings account can help individuals consistently save money without having to actively think about it. This method ensures that a portion of each paycheck goes directly into savings, making it easier to build up savings over time.

    If for some reason you are unable to automate, simply input a repeating reminder on your phone under the subject “Go Save.” This way, you’ll never forget to transfer your preferred amount to your high-interest GoTyme Bank savings account monthly. GoTyme Bank offers a yearly interest of 4%, which is more than 60 times higher than your payroll account! Create up to 5 separate Go Save accounts and customize your targets and timeframes for different financial goals. 

  3. Investing: Investing in assets such as stocks, bonds, or real estate can potentially generate higher returns than traditional savings accounts. While investing carries risks, it also offers the potential for greater rewards over the long term. Individuals can start investing with small amounts of money through low-cost investment platforms or apps, gradually increasing their investment as they become more comfortable and knowledgeable about the process.

    If you prefer going all in, check out GoTyme Bank’s investment options, available soon. In the meantime, try setting up your GoTyme Bank Multi-Currency Time Deposit account with no minimum deposit requirement. You can earn 3% for 3 months and 3.5% for a 6-month run.

Growing your savings is now an easy, unintimidating, and even fun experience with GoTyme Bank. By implementing these strategies, you can steadily grow your money over time and work towards achieving your financial goals. 

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